How are hotels and short-term rentals faring?
The hotel industry has made promising weekly gains in occupancy since its low point of the COVID-19 pandemic, while short-term rentals are nearing last year’s levels in RevPAR, according to a joint analysis of 27 global markets by STR and AirDNA. Key findings include:
- At the end of the studied period, hotel RevPAR in the 27 markets was 64.8% lower than the previous year. Short-term rental RevPAR, on the other hand, was down 4.5% year over year.
- Hotels bottomed out at 17.5% occupancy for the week ended March 28, while short-term rentals fell to a low of 34.3%. Hotels were hit harder due to greater reliance on group demand and business travel. Largely a result of its further drop, hotel occupancy has since increased 124.0% from its low point.
- Occupancy decreases were felt uniformly within all 27 of the markets covered, with the exception of short-term rentals in Atlantic City, New Jersey. Among the worst-hit markets for both hotels and short-term rentals were New Orleans, Louisiana, and Rome.
- Steeper declines in ADR came as travelers migrated toward midscale and economy class properties. Nashville and Austin were two markets to see more pronounced demand declines for higher-end hotels compared with the lower end of the market.
Marriott’s new cleanliness content
Marriott International has created new digital content about redefined processes and reimagined spaces guided by cleanliness experts and best practices to help hosts, organizers and attendees to plan and execute meetings. Meeting planners may now reference a series of new materials including an informational video, customer stories and resources that provide additional context and information for designing successful events in the current environment.
Bermuda workers to hear restart plans
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Four Seasons London at Park Lane reopens
Following a temporary closure in response to the COVID-19 pandemic, Four Seasons Hotel London at Park Lane will reopen August 17. All of the hotel’s restaurants will reopen and guests also have the option to use the property’s new “At Your Door” service, which offers in-room dining.